The filing noted that McComb will receive cash payments totaling $6.5 million, representing two times his base salary and target bonus. He will also receive continued medical, long-term disability and life insurance coverage for two years from his separation date. McComb will be eligible to receive an annual incentive bonus based on actual performance in 2014, prorated and subject to terms of the company’s cash bonus plan. In addition, the board agreed to nonaccelerated continued vesting of the unvested stock options on the original schedule on various future dates in 2014, 2015 and 2016. They are:
• 187,500 options granted on March 1, 2011, with an exercise price of $4.97.
• 187,500 options granted as of Sept. 1, 2011, with an exercise price of $5.05.
• 281,250 options granted as of March 1, 2012, with an exercise price of $11.10.
• 198,750 options granted on June 3, 2013, with an exercise price of $21.20.
As reported, Craig Leavitt, ceo of Kate Spade, will succeed McComb as ceo of the newly named Kate Spade & Co. Deborah Lloyd will be chief creative officer of the renamed company, and George Carrara, currently executive vice president, chief operating officer and chief financial officer of F&P, will become president and chief operating officer of the renamed company. The change of name and management changes are effective following the release of fourth-quarter earnings on Feb. 25.
As a result of the management transition, F&P estimates it will take onetime noncash severance charges of $16.5 million and cash severance charges of $6.5 million in the first quarter of 2014.
The filing noted that the initial term of Leavitt and Lloyd’s new roles will begin on the position start date and will end on Dec. 31, 2014. It will automatically renew for successive one-year periods unless the company or the executive delivers a notice of nonrenewal at least 180 days before the next automatic extension.
Leavitt will receive a base salary of $1.5 million, and Lloyd will receive $1.9 million. In addition, Leavitt will receive a target annual cash bonus opportunity equal to 150 percent of base salary, while Lloyd will have a bonus opportunity of 175 percent of base salary, with a maximum opportunity equal to 200 percent of the target opportunity. The agreement also calls for an annual long-term incentive award having a total target and/or grant date value of no less than $5 million for Leavitt and $3.275 million for Lloyd, among other incentives. Carrara’s compensation hasn’t been finalized yet.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)